Crypto Whale Faces Over $1 Million Loss After Premature Sale of This Memecoin

Whale investors in the cryptocurrency market are often at the center of attention, as their actions can lead to substantial gains or, conversely, significant losses due to poor decisions.

Recently, data from Lookonchain highlighted a notable incident involving a whale who incurred over $1 million in losses by prematurely selling a newly launched memecoin called Pnut, just before its value skyrocketed.

The data indicates that this whale sold 19.1 million Pnut tokens at a loss of $1,099. At the time of this report, those tokens were valued at approximately $1.6 million.

Initially, this investor purchased the tokens for 11 SOL , which amounted to around $1,882, but managed to retrieve only 4.57 SOL, or about $783, upon selling. This resulted in a total loss of $1,099.

This hasty decision may have stemmed from the investor’s anxiety following a sudden downturn in the memecoin market, which is known for its volatility.

With a total supply of 999 million Pnut tokens, the whale once owned about 1.6% of the entire supply. Currently, the overall market capitalization of the Pnut token stands at approximately $63 million.